Japanese drone startup Autonomous Control Systems Laboratory, ACSL for short, announced on Friday that its IPO application to the Tokyo Stock Exchange (TSE) has been approved. The company will be listed on the TSE Mothers Market on December 21. Mizuho Securities will lead the underwriting.
Founded by a former professor at Chiba University, Dr. Kenzo Nonami (who is now ACSL CEO), back in November of 2013, the company has been developing drones for industry use leveraging proprietary flying object control technology from his research and development over the years. Their flagship products include the ACSL-PF1 industrial drone platform introduced back in 2016 as well as the PF1-Vision non-GPS drone platform introduced back in 2017.
According to the consolidated statement as of March of 2018, they posted a revenue of 370.2 million yen (about $3.3 million) with an ordinary loss of 454.2 million yen ($4.0 million) and a net loss of 460.4 million yen ($4.1 million). Led by UTEC (The University of Tokyo Edge Capital, 19.93%), its major share holders include CEO Nonami (14.23%), Rakuten (TSE:4755, 12.81%) and Kikuchi Seisakusho (TSE:3444, 9.96%).
The video below (0m30s – 5m30s) contains a demonstration flight of ACSL-PF1 by the company’s CTO, Dr. Chris Raabe, at their investor Drone Fund’s press conference back in August.
Edited by “Tex” Pomeroy